The Dying Mall: Reinventing Shopping Malls to Revitalize the Community
What’s to become of the shell of America’s shopping mall history?
Malls with high vacancy rates, low consumer traffic, no anchor store, or dated and deteriorating structures are considered ‘dead.’ Green Street Advisors report there are approximately 1,200 enclosed malls across the country and 15% of those malls will fail or be converted into non-retail space within the next 10 years. Online shopping, the recession, and demographic shifts are the key factors leading to this death toll. A change to the way we shop has led some mall owners to change the set-up of their mall, re-arranging like stores together, adding new anchors (like Apple stores) or new features (like daycare or children’s play areas) and changing the food court to a dining terrace with upgrades from fast food to sushi bars. While these approaches may save some shopping malls, the hard truth remains that many of these malls will not return to the glory of their past; but will instead close leaving behind a gigantic concrete shell on an island of macadam.
For more information:
Terry Reed, Vice President Business Development